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They're classifications determined by their political ideologies and policies. That's why it can be vague and be interpreted in many different ways. Liberals stand for the government to do as little as possible and limits to what the government can do, generally following the ideal to protect the general liberties and freedoms of people. Like economically, Liberals are against protectionism and are for free trade agreements and globalisation. They generally advocate lower taxes for high income brackets and big businesses and less government involvement.

Political terms are really not important. To expand on what's been said, the political right believe in laissez-faire economic policies and free markets [little taxes, little regulations such as quotas or limits, little interference], as in as little interventionism from the government as possible. It's basically 'go do whatever you want', the government should not be involved. This leads to capitalism as small businesses suffer and capitalist mega-corporations grow further, and the exploitation of third-world countries. In personal affairs as well, particularly with past conservative parties and powers, rightists are against social benefits, universal health care, further funding into education and believe these should be left for the people to pay rather than the pocket of the government. The main core of the right wing is that government should have little involvement in economic and social affairs. That's all I can think of talking about right now.